Commerce Minister wants closer collaboration between the DBJ and Exim Bank on MSMEs

Industry, Commerce, Agriculture and Fisheries Minister, Hon. Audley Shaw (right) makes a point to Chairman of the Economic Programme Oversight Committee, Keith Duncan (left), at a strategic planning workshop of the National Export-Import Bank of Jamaica, on Hope Road on September 9. At centre is Managing Director of the EXIM Bank, Lisa Bell. The workshop was held under the theme, “The New EXIM: Innovative, Inclusive, Impactful”.

Industry, Commerce, Agriculture and Fisheries Minister, Hon. Audley Shaw, wants closer collaboration between the Development Bank of Jamaica (DBJ) and the National Export-Import (EXIM) Bank so that available resources can benefit more small and medium-sized enterprises (MSMEs).
In this regard, the Minister noted that he plans to meet with Finance and the Public Service Minister, Dr. the Hon Nigel Clarke.
“If you look at the portfolio of the Development Bank of Jamaica, the larger sums that are on-lend from the DBJ tend to go to larger businesses but I want to see a greater distribution of resources going to our MSMEs,” he said.
Mr. Shaw was speaking at the annual strategic planning workshop of the National Export-Import Bank of Jamaica (EXIM Bank), on Hope Road on September 9.

The workshop, held under theme, “The NEW EXIM: Innovative, Inclusive, Impactful”, was aimed at guiding the Bank’s management team on the impact and role it has on the MSME sector.
Meanwhile, Mr. Shaw informed that he is now in receipt of a report from a study done on funds held in dormant bank accounts.

The Minister explained that the findings of the study will be discussed with the Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke as well as the Cabinet in short order.

“The objective is to bring dormant funds down to the world standard (to be used) after seven years. This represents billions of dollars, which in my view should be then placed into a special account for our small and medium-sized enterprises (MSMEs),” Minister Shaw said.

A total of approximately $50 billion is available in dormant bank accounts, which the government is targeting to provide low-interest financing to the MSMEs.

Mr. Shaw also gave a commitment to the EXIM Bank to work with Dr. Clarke to find avenues to expand its loan portfolios.

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